Faculty Profiles

Hirschey , Mark

Anderson W. Chandler Professor of Business


345-E Summerfield Hall
University of Kansas, School of Business
1300 Sunnyside Avenue
Lawrence, KS 66045-7585

P: (785) 864-7563
View Website
mhirschey@ku.edu

Education PhD University of Wisconsin-Madison M.A. University of Wisconsin-Madison B.A. (with Honors) St. John's University (Mn.)
Academic Areas Economics Finance
Interests Managerial Economics Investment Analysis & Behavior
Current Activities Author of more than 90 academic research articles, scholarly books and scholarly textbooks, Professor Hirschey has an international reputation for his research leadership and accomplishments at the interface of finance, managerial economics, and accounting. Professor Hirschey has published articles in the Journal of Financial Economics, Journal of Finance, American Economic Review, Journal of Accounting Research, Journal of Business and Economics Statistics, Review of Economics and Statistics, and other leading scholarly journals. His work on the valuation effects of advertising, research and development and patent quality has established the importance of intangible assets in the stock market's valuation of firms. Similarly, his research on the economic implications of corporate restructuring (mergers, spin-offs, etc.) illustrates the importance of managerial incentives in the stock market's ongoing assessment of managerial effectiveness. Professor Hirschey has earned research awards for his studies on the effects of the Internet on investor behavior and market efficiency. He is founding president of the Association of Financial Economists, and co-editor of Advances in Financial Economics, a scholarly research series. He is also advisory editor for the Journal of Business Finance & Accounting (London)and Managerial & Decision Economics.
Selected Publications Hirschey, Mark, and John Nofsinger, 2008. Investments: Analysis & Behavior. New York, New York: The McGraw-Hill Companies, Inc., 645 pgs. Alexander, Raquel, Susan Scholz, and Mark Hirschey, 2007. Backdating employee stock options: tax implications. The CPA Journal 77, No. 10, p. 24-28. Alexander, Raquel, Susan Scholz, and Mark Hirschey, 2007. Backdating employee stock options: accounting and legal implications. The CPA Journal 77, No. 10, p. 18-23. Hirschey, Mark, Kose John, and Anil Makhija (eds.), 2007. Issues in Corporate Governance and Finance, Advances in Financial Economics 12, Amsterdam, The Netherlands: Elsevier Science, 498 pgs. Haug, Mark, and Mark Hirschey, 2006. The January effect. Financial Analysts Journal 62, No. 5, p. 78-88. Hirschey, Mark, 2006. Basic Economics for Managers, International Student Edition, Mason, OH: South-Western Thompson Learning, Inc., 666 pgs. Hirschey, Mark, 2006. Fundamentals of Managerial Economics: Eighth Edition, Mason, OH: South-Western Thompson Learning, Inc., 666 pgs. Hirschey, Mark, 2006. Managerial Economics, Eleventh Edition, Mason, OH: South-Western Thompson Learning, Inc., 745 pgs. Hirschey, Mark, Kose John, and Anil Makhija (eds.), 2005. Corporate Governance: A Global Perspective, Advances in Financial Economics 11, Amsterdam, The Netherlands: Elsevier Science, 252 pgs. Hirschey, Mark, Kose John, and Anil Makhija (eds.), 2005. Corporate Governance, Advances in Financial Economics 9, Amsterdam, The Netherlands: Elsevier Science, 385 pgs. Hirschey, Mark, Connolly, R., 2005. Firm size and the effect of R&D on Tobin’s q. R&D Management, 35, No. 2, p. 217-223. Hirschey, Mark, and Vernon J. Richardson, 2004. Are scientific indicators of patent quality useful to investors? Journal of Empirical Finance 11, No. 1, p. 91-107. Hirschey, Mark, Kose John, and Anil Makhija (eds.), 2004. Corporate Governance, Advances in Financial Economics 9, Amsterdam, The Netherlands: Elsevier Science, 385 pgs. Hirschey, Mark, Richardson, V., 2003. Investor Underreaction to Goodwill Write-Offs. Association for Investment Management and Research November/December 2003, p. 75-84. Reproduced and republished from Financial Analysts Journal 2003. Hirschey, Mark, 2003. Extreme return reversal in the stock market: strong support for insightful fundamental analysis. Journal of Portfolio Management 29, No. 3, p. 78-90. Hirschey, Mark, 2003. Fundamentals of Managerial Economics, Seventh Edition, Mason, OH: South-Western Thompson Learning, Inc., 714 pgs. Hirschey, Mark, 2003. Managerial Economics, Tenth Edition, Mason, OH: South-Western Thompson Learning, Inc., 771 pgs. Hirschey, Mark, 2003. Organization structure and corporate governance: a survey. Published in Mark Hirschey, Kose John, and Anil Makhija (eds.), Corporate Governance and Finance, Advances in Financial Economics 8, Amsterdam, The Netherlands: Elsevier Science, p. 65-112. Hirschey, Mark, 2003. Tech Stock Valuation: Investor Psychology and Economic Analysis. San Diego, CA: Academic Press, 271 pgs. Hirschey, Mark, Kose John, and Anil Makhija (eds.), 2003. Corporate Governance and Finance, Advances in Financial Economics 8, Amsterdam, The Netherlands: Elsevier Science, 193 pgs. Hirschey, Mark, and Vernon J. Richardson, 2002. Information content of accounting goodwill numbers. Journal of Accounting & Public Policy 21, No.3, p. 173-191. Hirschey, Mark, Kose John, and Anil Makhija (eds.), 2002. Innovations in Investments and Corporate Finance, Advances in Financial Economics 7, Amsterdam, The Netherlands: Elsevier Science, 207 pgs. Hirschey, Mark, and Elaine Jones, 2001. The role of federal law enforcement actions in corporate governance. Published in Mark Hirschey, Kose John, and Anil Makhija (eds.), Advances in Financial Economics 6, Amsterdam, The Netherlands: Elsevier Science, p. 117-141. Hirschey, Mark, and Vernon J. Richardson, 2001. Valuation effects on patent quality: a comparison for Japanese and U.S. firms. Pacific Basin Finance Journal 9, No. 1, p. 65-82. Hirschey, Mark, 2001. Cisco and the kids. Financial Analysts Journal 57, No. 4, p. 48-59. Hirschey, Mark, 2001. Investments: Theory & Applications, Fort Worth, TX: Harcourt College Publishers, 860 pgs. Hirschey, Mark, Kose John, and Anil Makhija (eds.), 2001. Advances in Financial Economics 6, Amsterdam, The Netherlands: Elsevier Science, 221 pgs. Hirschey, Mark, Vernon J. Richardson, and Susan Scholz, 2001. Value relevance of nonfinancial information: the case of patent data. Review of Quantitative Finance & Accounting 17, No. 3, p. 223-235. Hirschey, Mark, 2000. Managerial Economics, Revised Edition, Fort Worth, TX: Harcourt College Publishers, 796 pgs. Hirschey, Mark, 2000. The ‘Dogs of the Dow’ myth. Financial Review 35, No. 2, p. 1-16. Hirschey, Mark, Dianne Scott Docking, and Elaine Jones, 2000. Reaction of bank stock prices to loan-loss reserve announcements. Review of Quantitative Finance & Accounting 15, No. 3, p. 277-297. Hirschey, Mark, Kose John, and Anil Makhija (eds.), 2000. Recent Issues in Corporate Finance and Investments, Advances in Financial Economics 5, Greenwich, CN: JAI Press, 247 pgs. Hirschey, Mark, Vernon J. Richardson, and Susan Scholz, 2000. How ‘foolish’ are Internet investors? Financial Analysts Journal 56, No. 1, p. 62-69. Hirschey, Mark, Vernon J. Richardson, and Susan Scholz, 2000. Stock-price effects of Internet buy-sell recommendations: “The Motley Fool” case. Financial Review 35, No. 2, p. 147-174. Hirschey, Mark, 1999. Managerial equity ownership and bank performance: entrenchment or size effects? Economics Letters 64, No. 2, p. 209-213. Hirschey, Mark, Kose John, and Anil Makhija (eds.), 1999. Privatization: Financial Perspectives, Advances in Financial Economics 4, Greenwich, CT: JAI Press, 179 pgs. Hirschey, Mark, and James L. Pappas, 1998. Fundamentals of Managerial Economics, Sixth Edition, Fort Worth, TX: The Dryden Press, 842 pgs. Hirschey, Mark, and M. Wayne Marr (eds.), 1998. Advances in Financial Economics 3, Greenwich, CT: JAI Press, 258 pgs. Hirschey, Mark, 1998. How much is a tulip worth? Financial Analysts Journal 54, No. 4, p. 11-17. Hirschey, Mark, and Keith W. Chauvin, 1997. Market structure and the value of growth. Managerial and Decision Economics 18, No. 3, p. 247-254. Hirschey, Mark, Dianne Scott Docking, and Elaine Jones, 1997. Information and contagion effects of bank loan-loss reserve announcements. Journal of Financial Economics 43, No. 2, p. 219-239. Chauvin, Keith, and Mark Hirschey, 1996. Ownership structure and capital structure. Published in Mark Hirschey and M. Wayne Marr (eds.), Advances in Financial Economics 2, Greenwich, CT: JAI Press, p. 25-46. Hirschey, Mark, and M. Wayne Marr (eds.), 1996. Advances in Financial Economics 2, Greenwich, CT: JAI Press. Hirschey, Mark, and James L. Pappas, 1996. Managerial Economics, Eighth Edition, Fort Worth, TX: The Dryden Press, 827 pgs. Hirschey, Mark, Chauvin, K., 1993. Advertising, R&D Expenditures and the Market Value of the Firm. Financial Management Winter 1993, p. 128-140. Hirschey, Mark, Zaima, J., 1989. Insider Trading, Ownership Structure, and the Market Assessment of Corporate Sell-Offs. The Journal of Finance 44, No. 4, p. 971-980. Hirschey, Mark, Connolly, R., Hirsch, B., 1986. Union Rent Seeking, Intangible Capital, and Market Value of the Firm. The Review of Economics and Statistics 68, No. 4, p. 567-577. Hirschey, Mark, 1986. Mergers, Buyouts, and Fakeouts. The American Economic Review 76, No. 2, p. 317-322. Hirschey, Mark, Weygandt, J., 1985. Amortization Policy for Advertising and Research and Development Expenditures. Journal of Accounting Research 23, No. 1, p. 326-335. Hirschey, Mark, 1985. Market Structure and Market Value. The Journal of Business 58, No. 1, p. 89-98. Hirschey, Mark, Connolly, R., 1984. R&D, Market Structure and Profits: A Value-Based Process. The Review of Economics and Statistics 66, No. 4, p. 682-686. Hirschey, Mark, Wichern, W., 1984. Accounting and Market-Value Measures of Profitability: Consistency, Determinants, and Uses. Journal of Business & Economic Statistics 2, No. 4, p. 375-383. Hirschey, Mark, Pappas, J., 1983. Regulatory Influences on Managerial Incentives: Reply. Southern Economic Journal 50, No. 1, p. 267-269. Hirschey, Mark, Wichern, W., 1983. Indicators and Causes of Size Advantages in Industry. Managerial and Decision Economics 4, No. 2, p. 64-72. Hirschey, Mark, 1982. Advertising and the Profitability of Leading and Following Firms. Managerial and Decision Economics 3, No. 2, p. 79-84. Hirschey, Mark, 1982. Economies of Scale in Advertising. Managerial and Decision Economics 3, No. 1, p. 24-29. Hirschey, Mark, 1982. Intangible Capital Aspects of Advertising and R&D Expenditures. The Journal of Industrial Economics 30, No. 4, p. 375-390. Hirschey, Mark, 1981. The Effect of Advertising on Industrial Mobility, 1947-72. The Journal of Business 54, No. 2, p. 329-339. Hirschey, Mark, Pappas, J., 1981. Market Power and Manufacturing Leasing. The Journal of Industrial Economics 30, No. 1, p. 39-47. Hirschey, Mark, 1980. Incentive Contracting for Railroad Subsidies: A Statistical Approach to Cost Control. Land Economics 56, No. 3, p. 366-379. Hirschey, Mark, 1979. Estimation of Cost Elasticities for Light Density Railroad Freight Service. Land Economics 55, No. 3, p. 366-378.